Contents:

1 2 1.1 List of Tables 8 1.2 List of Figures 10 2 New Zealand Energy Sector 11 2.1 New Zealand Energy Sector, Market Overview 11 2.2 New Zealand Energy Sector, Natural Gas 12 2.2.1 New Zealand Natural Gas, Overview 12 2.2.2 New Zealand Natural Gas, Supply and Demand Balance 12 2.2.3 New Zealand Natural Gas, Regulatory Structure 17 2.2.4 New Zealand Natural Gas, Infrastructure 18 3 New Zealand Fiscal Regime 19 3.1 New Zealand Petroleum Fiscal Environment 19 3.2 License Terms 19 3.3 Key Fiscal Terms 21 3.4 Sample Cashflows Calculations 24 4 New Zealand Gas Upstream Investment Environment Benchmarking 25 4.1 Introduction 25 4.2 The Overall Ranking 25 4.3 Upstream Fiscal Attractiveness 26 4.3.1 Maximum Government Take Index 27 4.3.2 Maximum State Participation 27 4.4 Gas Sector Performance 28 4.4.1 Exploration Activity 30 4.4.2 Gas Production 31 4.4.3 Gas Reserves 31 4.4.4 Gas Consumption 32 4.5 Economic Performance 32 4.5.1 GDP Growth Index 33 4.5.2 FDI Confidence Index 33 4.5.3 Balance of Trade Index 34 4.6 Socio-Political Performance 34 4.6.1 Democracy Index 35 4.6.2 Governance Index 36 5 New Zealand Exploration and Production Sector 37 5.1 New Zealand Exploration and Production Sector, Country Snapshot 37 5.1.1 New Zealand Exploration and Production Sector, Key Data 37 5.1.2 New Zealand Exploration and Production Sector, Natural Gas Assets Map 37 5.2 New Zealand Exploration and Production Sector, Marketed Natural Gas Production 38 5.2.1 New Zealand Exploration and Production Sector, Marketed Natural Gas-Historical Production 38 5.2.2 New Zealand Exploration and Production Sector, Marketed Natural Gas Production by Assets 39 5.2.3 New Zealand Exploration and Production Sector, Marketed Equity Weighted Natural Gas Production by Company 39 5.2.4 New Zealand Exploration and Production Sector, Market Share (%) based on Marketed Natural Gas Production 41 5.3 New Zealand Exploration and Production Sector, Marketed Natural Gas Forecasts 42 5.3.1 New Zealand Exploration and Production Sector, Marketed Natural Gas Forecasted Production 42 5.3.2 New Zealand Exploration and Production Sector, Gross Revenue Forecast 42 5.3.3 New Zealand Exploration and Production Sector, Government Take Forecast 43 5.3.4 New Zealand Exploration and Production Sector, Contractor Take Forecast 43 5.4 New Zealand Exploration And Production Sector, Natural Gas Asset Details 44 5.4.1 New Zealand Exploration And Production Sector, Active Natural Gas Asset Details 44 5.4.2 New Zealand Exploration And Production Sector, Planned Natural Gas Asset Details 44 6 New Zealand Pipeline Sector 45 6.1 New Zealand Pipeline Sector, Key Data 45 6.2 New Zealand Pipeline Sector, An Overview 45 6.3 New Zealand Pipeline Sector, Comparision of Key Natural Gas Pipeline Companies 45 6.4 New Zealand Pipeline Sector, Natural Gas Pipelines 47 7 Profile of Royal Dutch Shell Plc 49 7.1 Royal Dutch Shell Plc, Key Information 49 7.2 Royal Dutch Shell Plc, Company Overview 49 7.3 Royal Dutch Shell Plc, Business Description 49 7.3.1 Royal Dutch Shell Plc, Business Description, Overview 49 7.3.2 Royal Dutch Shell Plc, Business Description, Chemicals 50 7.3.3 Royal Dutch Shell Plc, Business Description, Corporate and Others 51 7.3.4 Royal Dutch Shell Plc, Business Description, Exploration and Production 51 7.3.5 Royal Dutch Shell Plc, Business Description, Gas and Power 53 7.3.6 Royal Dutch Shell Plc, Business Description, Oil Products 55 7.3.7 Royal Dutch Shell Plc, Business Description, Oil Sands 56 7.4 Royal Dutch Shell Plc, Value Chain Analysis 58 7.4.1 Royal Dutch Shell Plc, Value Chain Analysis, Upstream 58 7.4.2 Royal Dutch Shell Plc, Value Chain Analysis, Midstream 59 7.4.3 Royal Dutch Shell Plc, Value Chain Analysis, Retail 60 7.4.4 Royal Dutch Shell Plc, Value Chain Analysis, Power Generation 60 7.4.5 Royal Dutch Shell Plc, Value Chain Analysis, Transformation 61 7.5 Royal Dutch Shell Plc, SWOT Analysis 62 7.5.1 Royal Dutch Shell Plc, SWOT Analysis, Overview 62 7.5.2 Royal Dutch Shell Plc, SWOT Analysis, Strengths 62 7.5.3 Royal Dutch Shell Plc, SWOT Analysis, Weaknesses 63 7.5.4 Royal Dutch Shell Plc, SWOT Analysis, Opportunities 64 7.5.5 Royal Dutch Shell Plc, SWOT Analysis, Threats 65 7.6 Royal Dutch Shell Plc, Revenue Analysis 66 7.6.1 Royal Dutch Shell Plc, Revenue by Segment 66 7.6.2 Royal Dutch Shell Plc, Revenue by Geography 67 7.7 Royal Dutch Shell plc, Financial and Operational Review 68 7.7.1 Financial Statements 68 7.7.2 Financial Ratios 69 8 Profile of OMV Aktiengesellschaft 70 8.1 OMV Aktiengesellschaft, Key Information 70 8.2 OMV Aktiengesellschaft, Company Overview 70 8.3 OMV Aktiengesellschaft, Business Description 70 8.3.1 OMV Aktiengesellschaft, Business Description, Business Overview 70 8.3.2 OMV Aktiengesellschaft, Business Description, Exploration and Production 70 8.3.3 OMV Aktiengesellschaft, Business Description, Gas and Power 72 8.3.4 OMV Aktiengesellschaft, Business Description, Refining and Marketing 73 8.3.5 OMV Aktiengesellschaft, Business Description, Major Products and Services 74 8.4 OMV Aktiengesellschaft, Value Chain Analysis 76 8.4.1 OMV Aktiengesellschaft, Value Chain Analysis, Upstream 76 8.4.2 OMV Aktiengesellschaft, Value Chain Analysis Midstream 77 8.4.3 OMV Aktiengesellschaft, Value Chain Analysis, Downstream 78 8.4.4 OMV Aktiengesellschaft, Value Chain Analysis Retail 78 8.5 OMV Aktiengesellschaft, SWOT Analysis 78 8.5.1 OMV Aktiengesellschaft, SWOT Analysis, Overview 78 8.5.2 OMV Aktiengesellschaft, SWOT Analysis, Strengths 79 8.5.3 OMV Aktiengesellschaft, SWOT Analysis, Weaknesses 80 8.5.4 OMV Aktiengesellschaft, SWOT Analysis, Opportunities 80 8.5.5 OMV Aktiengesellschaft, SWOT Analysis, Threats 81 8.6 OMV Aktiengesellschaft, Revenue Analysis 81 8.6.1 OMV Aktiengesellschaft, Revenue by Segment 81 8.6.2 OMV Aktiengesellschaft, Revenue by Geography 82 8.7 OMV Aktiengesellschaft, Financial and Operational Review 84 8.7.1 Financial Statements 84 8.7.2 Financial Ratios 85 9 Profile of Mitsui & co.,Ltd. 86 9.1 Mitsui & co., Ltd., Key Information 86 9.2 Mitsui & co., Ltd., Company Overview 86 9.3 Mitsui & co.,Ltd., Business Description 86 9.3.1 Mitsui & co.,Ltd., Business Description, Business Overview 86 9.3.2 Mitsui & co., Ltd., Business Description, Chemical 87 9.3.3 Mitsui & co., Ltd., Business Description, Consumer Service & IT 88 9.3.4 Mitsui & co., Ltd., Business Description, Energy 89 9.3.5 Mitsui & co., Ltd., Business Description, Foods & Retail 90 9.3.6 Mitsui & co., Ltd., Business Description, Iron & Steel Products 91 9.3.7 Mitsui & co., Ltd., Business Description, Logistics & Financial Markets 93 9.3.8 Mitsui & co., Ltd., Business Description, Machinery & Infrastructure Projects 94 9.3.9 Mitsui & co., Ltd., Business Description, Mineral & Metal Resources 95 9.3.10 Mitsui & co., Ltd., Business Description, Major Products and Services 96 9.4 Mitsui & co., Ltd., Value Chain Analysis 98 9.4.1 Mitsui & co., Ltd., Value Chain Analysis, Upstream 98 9.4.2 Mitsui & co., Ltd., Value Chain Analysis, Midstream 99 9.4.3 Mitsui & co., Ltd., Value Chain Analysis, Downstream 100 9.4.4 Mitsui & co., Ltd., Value Chain Analysis, Retail 100 9.5 Mitsui & co., Ltd., SWOT Analysis 100 9.5.1 Mitsui & co., Ltd., SWOT Analysis, Overview 100 9.5.2 Mitsui & co., Ltd., SWOT Analysis, Strengths 101 9.5.3 Mitsui & co., Ltd., SWOT Analysis, Weaknesses 102 9.5.4 Mitsui & co., Ltd., SWOT Analysis, Opportunities 102 9.5.5 Mitsui & co., Ltd., SWOT Analysis, Threats 103 9.6 Mitsui & co., Ltd., Revenue Analysis 104 9.6.1 Mitsui & co., Ltd., Revenue by Segment 104 9.6.2 Mitsui & co., Ltd., Revenue by Geography 105 9.7 Mitsui & co., Ltd., Financial and Operational Review 106 9.7.1 Financial Statements 106 9.7.2 Financial Ratios 107 10 Financial Deals Landscape 108 10.1 Detailed Deal Summary 108 10.1.1 Equity Offerings 108 10.1.2 Debt Offerings 113 10.1.3 Partnerships 114 10.1.4 Asset Transactions 115 11 Recent Developments 123 11.1 License Rounds 123 11.1.1 Dec 10, 2008: New Zealand Opens Bidding For Oil Exploration In Raukumara Field And Northland Basin 123 11.2 License Awards 123 11.2.1 Mar 20, 2009: New Zealand Oil & Gas Wins Exploration Permit In Taranaki Basin, New Zealand 123 11.2.2 Feb 03, 2009: LMP Receives Second Five-Year Term For PEP 38226 (Waiau) At Western Southland Basin, New Zealand 124 11.2.3 Jan 28, 2009: NZOG Wins New Taranaki Exploration Permit 125 11.3 Strategy and Business Expansion 126 11.3.1 Jan 30, 2009: PXP Surrenders Permit PEP 38344 In East Coast Basin, Offshore New Zealand 126 11.3.2 Dec 08, 2008: KEA Wants To Look For Oil At Kaipara Harbour In New Zealand 126 11.4 Drilling and Production Updates 127 11.4.1 Mar 23, 2009: Horizon Oil Updates On MR3P8 And MR4P9 Wells At Maari Oil Field In PMP 38160, New Zealand 127 11.4.2 Mar 11, 2009: Horizon Oil Updates On Maari Oil Field In Offshore Taranaki Basin, New Zealand 128 11.4.3 Mar 10, 2009: Origin Energy To Drill Two Gas Prospects At Offshore Auckland, New Zealand In Late 2009 128 11.4.4 Mar 02, 2009: L&M Petroleum To Start Drilling Operations At PEP 38226 And PEP 38238 In New Zealand 129 11.4.5 Feb 25, 2009: Horizon Oil Announces First Oil Flow From Maari Field In New Zealand 130 11.4.6 Feb 18, 2009: Chartwell Energy Spuds Matata-1C Well In PEP50280 In Waikato Region, New Zealand 131 11.4.7 Feb 15, 2009: Austral Pacific Updates Reserves 132 11.4.8 Feb 13, 2009: TAG Updates On Cheal Oil Pool, Onshore Taranaki Basin, New Zealand 132 11.4.9 Jan 27, 2009: OMV Completes Drilling MR3P8 Well In Taranaki Basin, New Zealand 133 11.4.10 Jan 27, 2009: Tui Fields Produce 20 Millionth Barrel Of Oil 134 11.4.11 Jan 23, 2009: Horizon Updates On Maari Oil Field In New Zealand 135 11.4.12 Jan 21, 2009: Tui Oil Field Partners Plan 2009 Drilling Campaign 135 11.4.13 Jan 14, 2009: LMPs Laboratory Testing Confirms Goodwin-1 CSG Potential In New Zealand 136 11.4.14 Jan 08, 2009: NZOG Updates On Tui Oil Field In Taranaki Basin, New Zealand 137 11.4.15 Dec 18, 2008: OMV Updates On Maari Oil Field In New Zealand 138 11.4.16 Dec 15, 2008: NZOG To Increase Exploration Activities In Canterbury And Taranaki Basins, New Zealand In 2009 139 11.4.17 Dec 09, 2008: Rawson Begins Work At Taranaki Basin In New Zealand 140 11.4.18 Dec 02, 2008: LMP To Run Wireline Logs At Wairaki -1 CSG Well In PEP 38238, New Zealand 140 11.4.19 Nov 24, 2008: Horizon Provides Drilling Update On Maari Oil Field In New Zealand 141 11.5 Financial Announcements 141 11.5.1 Feb 18, 2009: Vector Reports H1 Fiscal 2009 Results 141 11.6 Other Significant Developments 144 11.6.1 Feb 02, 2009: Pan Pacific Provides Q4 2008 Operations Update 144 11.6.2 Jan 30, 2009: NZOG Provides Q2 2008 Operational Update 145 11.6.3 fDec 11, 2008: Xtract Provides Operational Update 148 12 Appendix 150 12.1 Methodology 150 12.1.1 Coverage 151 12.1.2 Secondary Research 152 12.1.3 Primary Research 152 12.1.4 E&P Forecasts 152 12.1.5 Midstream Forecasts 154 12.1.6 Expert Panel Validation 154 12.2 Contact Us 154 12.3 About Us 154 12.4 Disclaimer 155 Executive Summary 1.1 List of Tables Table 1: New Zealand, Historical and Forecasted Production and Consumption of Natural Gas, 1996-2020 13 Table 2: New Zealand, Historical Reserves of Natural Gas, 1996-2008 16 Table 3: Asia Pacific, Investment Benchmarking, Overall Country Rankings, 2008 25 Table 4: Asia Pacific, Investment Benchmarking, Upstream Fiscal Attractiveness, 2008 26 Table 5: Asia Pacific, Investment Benchmarking, Gas Sector Performance, 2008 28 Table 6: Asia Pacific, Investment Benchmarking, Economic Performance, 2008 32 Table 7: Asia Pacific, Country Standings, Economic Performance, 2008 32 Table 8: Asia Pacific, Investment Benchmarking, Socio-Political Performance, 2008 34 Table 9: Asia Pacific, Country Standings, Socio-Political Performance, 2008 35 Table 10: New Zealand, Natural Gas Key Statistics, 2008 37 Table 11: New Zealand, Total Marketed Natural Gas Production(MMcf), 2001-2008 38 Table 12: New Zealand, Marketed Natural Gas Production (MMcf), by Assets, 2001-2008 39 Table 13: New Zealand, Marketed Equity Weighted Natural Gas Production (MMcf), by Company, 2001-2008 39 Table 14: New Zealand, Market Share (%) based on Marketed Natural Gas Production, 2001-2008 41 Table 15: New Zealand, Marketed Natural Gas Production(MMcf), Forecast by Assets, 2009-2014 42 Table 16: New Zealand, Forecasted Assets-wise Gross Revenue(000$), 2009-2014 42 Table 17: New Zealand, Projected Assets-wise Total Government Take(000$), 2009-2014 43 Table 18: New Zealand, Projected Assets-wise Total Contractor Take(000$), 2009-2014 43 Table 19: New Zealand, Active Gas Field Assets Details 44 Table 20: New Zealand, Planned Gas Field Assets Details 44 Table 21: New Zealand, Pipeline Key Statistics, 2008 45 Table 22: New Zealand, Natural Gas Pipeline Length by Company (Km), 2008 45 Table 23: New Zealand, Natural Gas Pipelines, 2008 47 Table 24: New Zealand, Natural Gas Pipelines, 2008 (Contd.) 48 Table 25: Royal Dutch Shell plc, Key Facts 49 Table 26: Royal Dutch Shell plc, SWOT Analysis 62 Table 27: Royal Dutch Shell plc, Revenue by Segment, USD Million, 2003-2007 67 Table 28: Royal Dutch Shell plc, Revenue by Geography, USD Million, 2003-2007 67 Table 29: Royal Dutch Shell plc, Financial Statements, USD Million, 2003-2007 68 Table 30: Royal Dutch Shell plc, Financial Ratios, USD Million, 2003-2007 69 Table 31: OMV Aktiengesellschaft, Key Facts 70 Table 32: OMV Aktiengesellschaft, SWOT Analysis 79 Table 33: OMV Aktiengesellschaft, Revenue by Segment, Euro Million, 2003-2007 82 Table 34: OMV Aktiengesellschaft, Revenue by Geography, Euro Million, 2003-2007 83 Table 35: OMV Aktiengesellschaft, Financial Statements, Euro Million, 2003-2007 84 Table 36: OMV Aktiengesellschaft, Financial Ratios, Euro Million, 2003-2007 85 Table 37: Mitsui & Co., Ltd., Key Facts 86 Table 38: Mitsui & Co., Ltd., SWOT Analysis 101 Table 39: Mitsui & Co., Ltd., Revenue by Segment, Yen Million, 2003-2007 105 Table 40: Mitsui & Co., Ltd., Revenue by Geography, Yen Million, 2003-2007 106 Table 41: Mitsui & Co., Ltd., Financial Statements, Yen Million, 2003-2007 106 Table 42: Mitsui & Co., Ltd., Financial Ratios, Yen Million, 2003-2007 107 Table 43: Austral Pacific Completes Private Placement Of $5.61 Million 108 Table 44: Austral Pacific Energy Completes Final Tranche Of Private Placement Of $3.9 Million 109 Table 45: Austral Pacific Energy Completes Private Placement Of $10 Million 110 Table 46: Austral Pacific Completes $3.25 Million Financing 111 Table 47: L & M Petroleum Completes Initial Public Offering Of $15.74 Million 112 Table 48: Contact Energy Increases Its Bond Offering To $281.6 Million 113 Table 49: Australian Worldwide Exploration Forms Partnership With Mitsui E&P 114 Table 50: Kairiki Energy Sells 33.33% Stake In AMI To New Zealand Oil & Gas 115 Table 51: Horizon Oil To Acquire 25% Interest In PEP-38494 116 Table 52: Cue Energy Resources Acquires 20% Interest In PEP 38494 permit 117 Table 53: Origin Energy And Contact Energy Acquires Oil And Gas Assets From Swift Energy 118 Table 54: Austral Pacific Announces Farmout of PEP 38524 119 Table 55: Austral Pacific Enters Into Farmout Agreement 120 Table 56: Greymouth Petroleum To Acquire Assets From Swift Energy 121 Table 57: Genesis Acquires 15.1% Interest In PEP 38738-D And PMP 38156-D From TAG Oil 122

Companies Mentioned

Royal Dutch Shell Plc OMV Aktiengesellschaft Mitsui & co.,Ltd.